Morning Report: New Home Sales down big YOY

Posted on August 24, 2021 by Brent Nyitray

Vital Statistics:

	Last	Change
S&P futures	4,479	6.2
Oil (WTI)	66.53	0.95
10 year government bond yield		1.27%
30 year fixed rate mortgage		3.05%

Stocks are higher this morning on no real news. Bonds and MBS are flat.

New home sales rose 1% MOM to a seasonally-adjusted annual rate of 708,000 in July, according to Census. This was down 27% compared to July of 2020, when people were escaping the cities. The median price rose 18.5% to $390,500. New Home prices have been on a tear.

The number of loans in forbearance fell 1 basis point last week to 3.25% of servicers’ portfolios. “The share of loans in forbearance was little changed this week, as both new requests and exits were at a slower pace compared to the prior week. In fact, exits were at their slowest pace in over a year,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist. “There were more new forbearance requests and re-entries for portfolio and PLS loans, leading to a 10-basis-point increase in their share. Portfolio and PLS loans now account for almost 50% of all depository servicer loans and almost 40% of IMB servicer loans in forbearance, which highlights the importance of this investor category.”

The Urban Institute thinks that Fannie Mae’s new policy of including rental history will expand access to home ownership. That said, Fannie expects few borrowers to actually benefit from this new system. This is because lenders cannot request bank statements directly from the banks due to PI restrictions, and banks will be reluctant to release the data to lenders due to the information security risks.

Filed under: Economy, Morning Report |

8 Responses

Let the mutherfuker burn!, on August 24, 2021 at 9:54 am said:

This thread’s a scream and the fact that it’s Schiff throwing Biden under the bus is perfect.

Finally Schiff said that the intel community was very aware that the Taliban had the ability to take over the country.
"the intelligence agencies assessments of the Afghan government's ability to maintain itself became increasingly pessimistic,” he said. (more)

— Ryan Nobles (@ryanobles) August 24, 2021

All our institutions are run by Top Men.

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ScottC, on August 24, 2021 at 2:59 pm said:

I guess using the the powers of the state to investigate political enemies is all good now.

https://www.dailymail.co.uk/news/article-9920623/Democrat-chair-January-6-committee-wants-phone-text-messages-GOP-lawmakers.html

No more mean tweets though, so all is good in NeverTrump land.

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- Kevin S. Willis, on August 24, 2021 at 9:06 pm said:
  
  I know it’s tired and busted but I can’t help think that of this was in reverse in anyway the left and the media would be screaming bloody murder and this would be the top story. These guys do it—shrug, sounds good, find those traitors.
  
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  - Brent Nyitray, on August 24, 2021 at 9:15 pm said:
    
    Water is wet
    
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Let the mutherfuker burn!, on August 24, 2021 at 3:07 pm said:

I’m curious what kind of impact this has in GA.

https://thehill.com/homenews/campaign/569219-herschel-walker-files-paperwork-to-run-for-senate-in-georgia

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ScottC, on August 25, 2021 at 4:46 am said:

I’m confused….

https://ktla.com/news/local-news/300-recall-ballots-drugs-multiple-drivers-licenses-found-in-vehicle-of-passed-out-felon-torrance-police/

Ever since the introduction of mass mail-in voting during the 2020 election, I have been repeatedly assured that this kind of mail-in voting fraud never happens, and indeed that mail-in voting is even more secure than in person voting.

Weird.

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- Kevin S. Willis, on August 25, 2021 at 1:49 pm said:
  
  Oh, there’s an easy explanation. It’s easy to forge and fraudulently cast recall ballots to unseat a Democrat, so that’s why you shouldn’t allow those kinds of elections.
  
  It’s literally impossible to case a fraudulent ballot for a Democrat, because they would win all just and fair elections, so it’s just silly to think such a thing could ever happen. Really, we don’t even need elections, they should just be appointed.
  
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- jnc4p, on August 25, 2021 at 3:18 pm said:
  
  “Torrance police are investigating the discovery of hundreds of recall election ballots in a vehicle where a felon was found passed out with drugs, a loaded firearm and multiple driver’s licenses one week ago, authorities said Monday.
  
  Approximately 300 ballots were recovered from the vehicle, which was parked in the lot of a 7-Eleven convenience store on the night of Aug. 16, according to the Torrance Police Department.
  
  Officers also discovered a loaded firearm, methamphetamine, thousands of pieces of mail, a scale, and multiple California drivers licenses and credit cards that were in other people’s names, a police news release stated. Xanax pills were also located on the unidentified male subject, who authorities described as a felon.”
  
  Anyone heard from Hunter Biden recently?
  
  It also reads like one of the old Onion pieces about Joe Biden back when he was VP.
  
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